AIP #4 - Bringing Abracadabra Money into Harmony

Proposal overview

Harmony is proposing to bringing Abracadabra Money’s Magic Internet Money (MIM) to deploy MIM stablecoin on the Harmony blockchain, opening a path to DeFi 2.0 for the ONE token. This will expand stablecoin swap capabilities to Harmony’s community of users and provide incentives to bootstrap the launch of Abracadabra’s MIM.

A governance vote on Abracadabra will be required. If the governance vote is in favor of moving forward, the team will then work integrating the ability to launch the MIM token on Harmony, and supporting the bridge built by AnySwap. This will open up the channel to bring in liquidity from all Abracadabra’s supported EVM-compatible chains, which currently has a combined liquidity of $4B+, into Harmony.

When launched, ONE token holders can have another opportunity to borrow against their ONE tokens in return for a highly tradeable MIM stablecoin, while earning leveraged yields and holding on to their ONE tokens. Another opportunity is that Harmony DEX’es can have the exposure to the MIM token and create token pairs such as JEWEL-MIM, VIPER-MIM, ONE-MIM, etc. as additional yield opportunities. This further strengthens the Harmony ecosystem by inherently making the ONE token a more important cross-chain component in DeFi.

Proposal ask

This proposal is to add Abracadabra Lending Markets and $MIM on the Harmony Blockchain!

Harmony will provide incentives in ONE tokens to bootstrap initial usage of Abracadabra on Harmony. In addition to token incentives, Harmony will be investing heavily in co-marketing and educating users through tutorials, videos, and community-led support.

These Incentives will be discussed in details in a follow-up proposal!

About Harmony

Harmony is an open and fast blockchain. Our mainnet runs Ethereum applications with 2-second transaction finality and 100 times lower fees. Our secure bridges offer cross-chain transfers with Ethereum, Binance and 3 other chains. Build on Harmony, bridge to all chains. We are an open platform for your assets, collectibles, identity and governance. Come build with us — harmony.one/apply!


Since going live on Mainnet, the chain has not stopped nor was there any hard fork event. The ONE token has reached a market cap of $3.5B, joining the Top 50 in CoinMarketCap in Oct 2021. HRC-20 tokens launched on Harmony now boasts a DeFi ecosystem with total TVL of over $750M, including stakes, according to DefiLlama, with the largest being DeFiKingdoms — a Top 3 GameFi by trading volume, standing toe-to-toe with Axie Infinity, according to DappRadar. Messari published a full analysis of Harmony in Oct 2021. Coin Bureau refreshed their reviews recently.

The Harmony Foundation recently announced one of the largest Ecosystem Grant Fund worth $300M (see Defiant and CoinDesk) to help attract industry leading projects such as Abracadabra Money into the Harmony ecosystem. Other industry leaders like Sushi and Curve have launched into Harmony in Q2 and Q3 2021 respectively, while Aave governance voted to approve launching on Harmony, currently targeted to roll out at the end of Q4 2021.

Links

Website: https://harmony.one
Whitepaper: https://harmony.one/whitepaper
Twitter: https://harmony.one/twitter (279K followers)
Reddit: https://harmony.one/reddit (43K subscribers)
Telegram: https://harmony.one/telegram (32K members)
Discord: https://harmony.one/discord (13K members)
YouTube: https://harmony.one/youtube (15K subscribers)

Metrics for success

$100M TVL within 6 months

Next Steps

The next Step are to create a snapshot vote, stay tuned on twitter!

30 Likes

I support this proposal completely, Harmony is a great chain with a lot of activity going on, I am sure that having Abra there will be a mutually beneficial development!:fire:

7 Likes

In wholeheartedly support. I’m a big user of then VenomDAO apps of ViperSwap (DEX) and Euphoria (POL / Ohm fork). I also participate in staking on Harmony. It would be a great benefit for the chain and for further expansion of MIM.

1 Like

Love the proposal, I’m a Harmony User and would love to use abracadabra de same way I use it on Fantom or Avalanche

1 Like

Here is a non-binding poll to gather general sentiment about this proposal, the actual deployment will happen following a Snapshot vote.

  • Yes, I support this proposal
  • No, I don’t support this proposal

0 voters

1 Like

I only just started playing with Harmony fairly recently, but am staking on there and really like it. Fast and low fees always ticks my boxes. Moving forward there’s a lot of potential there everyone involved, so it’s a definite yes for me!

1 Like

Yes. Let’s do it. To take over the world you must deploy to the world!

1 Like

Yes, yes, yes! Still having trouble bridging funds over to Harmony - Abra could help a lot.

1 Like

I’ve been farming on Harmony since September and love it. Would be fantastic to see Abra deploy there. Please bring spell staking also to make them available to frogs with lower capital to deploy! ETH is not workable to smaller frogs due to the ridiculous gas fees!

2 Likes

Love Harmony. It’s cheap and fast. Been using Viper and Euphoria from day 1. MIM would only improve the ecosystem further.

1 Like

I’m in… when you help people get what they want you get what you want!! Let’s do it!

1 Like

This is a great idea and I’m behind it.

Long time Harmony One user here, strongly advocating and looking forward to using abra services on it, until which time I shall stick to using Abracadabra on my second favorite platform, Fantom.

Would love to have mim on harmony. Would be a good stable for dfk

Yes sirs! Bring MIM to Harmony. To be able to move MIM around for less than a penny per transaction will be great.

I support, frogs love moar chains!

Thanks for the proposal.

I fear though that in reality you are making two different proposals here:

  1. Deployment of Abracadabra on Harmony
  2. Matching a ONE farm with SPELL farm

Considering this, we will need to split up these proposals.

I personally agree and would vote yes for deploying on Harmony, however do not agree with matching SPELL farm rewards. With the deployment work and community that Abra has the value of deploying is already extremely high to Harmony. Adding SPELL emmisions does not add a massive new userbase to Abracadabra, looking at the current active addresses on Harmony. Deploying + SPELL farms would be an imbalance to the win-win situation.

3 Likes

The more chains the better. Yes.

Ok to remove the mention of SPELL farm rewards from the proposal to unblock the deployment decision @Squirrel

I really do think getting MIM on harmony is smart